Unexpected emergencies can come your way any time. It can catch you unawares. You might not have ready cash to fall back on. This leaves you with no choice but to pull out money from your savings. Wait! Spare a moment before you exhaust your savings to cope with the emergency. A short-term personal loan can come to your aid.
How does it act as a Trump Card in an Emergency?
Sweta’s father needed to get his cataract operation done immediately. She was not sure if her father’s medical insurance would cover it. She could only think of a short-term loan. Was it smart on her part to settle on a short-term personal loan? Definitely yes, and here’s why:
1) Instant approval
Few non-banking financial companies (NBFCs) will approve your personal loan in just five minutes. 2) Quick disbursal
You have an edge already when your personal loan for emergency gets sanctioned within five minutes. That’s not all. The loan amount gets credited to your account within 24 hours of document verification. 3) Minimum documentation
Apply for your loan by submitting just a few documents.
4) Flexibility
Your emergency loan comes with a flexible tenor. You have an option to repay the personal loan anytime between 12 and 60 months. This allows you to pay up to 45% lower EMI.
5) Online account
Now, you can track your payment schedules and the particulars of your loan online.
6) Simple borrowing process
The borrowing process of a personal loan is very simple. You either apply online or physically visit the lender to get it done. This is what you can ask for in an emergency situation.
7) No fixed loan amount
Medical emergencies or house renovation could mean paying out a lot. Non-banking financial companies (NBFCs) offer personal loans up to Rs.25 lakh. Such high loan amounts should take care of these high-end emergency expenses.
8) Low-interest rate
Most NBFCs offer personal loans at low-interest rates. This largely reduces the burden of repaying the loan.
9) No collateral required
Emergency loans are unsecured loans. This means you do not have to worry about collateral or guarantors. You are responsible for repaying your loan and no one else is.
10) Consolidation of debts
In case you have more than one loan, a personal loan can help you bring them all under one roof. Here, you repay one loan even when you have undertaken multiple loans initially. That’s the power of consolidation.
11) Regulated market
When it comes to dealing with an emergency, you tend to miss out on the detailed terms and conditions attached to your loan. In case of online personal loan, market regulators keep a close watch on the lenders. This reduces malpractices and the market remains highly regulated. Notable Personal Loans for Medical Emergencies
One of the major emergency expenses is medical expenses. While medical insurance is expected to take care of such unforeseen circumstances, the lengthy documentation process poses an obstacle. An emergency personal loan helps tackle a medical emergency not only by providing cash for general medical expenses but also for specialized purposes:
- Loans for medical expenses while traveling
- Loans for a dental procedure
- Loans for cosmetic surgery
Documents Required
Here are the documents you need to submit to apply for a personal loan:
- KYC documents
- Employment identity card
- Salary slip of last two months
- Last three months’ bank statements of your salary account
To Sum up
Availing a personal loan in an emergency makes sense—all the more so because NBFCs offer personal loans at low-interest rates and with no hidden charges or fees.
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